Long-term financial security is critical to attaining what people want in retirement. This survey of 803 Arkansas residents age 40+ found that respondents are not highly confident about preparing for retirement, and that while most invest and own securities, they also indicate low levels of confidence in their personal knowledge of financial investing. Key findings include the following:
- Almost 3 in 10 (27%) are not confident they will have enough money to live comfortably in retirement, and 39% are not confident they will have enough money for long term care.
- Almost half (45%) say they have not tried to figure out how much money they will need to save to retire comfortably.
- Two-thirds (66%) have personally saved money for retirement.
- Only 20% say they are extremely or very knowledgeable about investing, and only 15% are extremely or very confident about buying or selling stocks.
- One in five were highly concerned about becoming a victim of financial fraud, while another 21% were somewhat concerned.
- Most (84%) agreed that the state should impose stronger penalties for investment fraud targeted at older residents.
The telephone survey of a random sample of 803 age 40+ Arkansas residents was conducted on October 9-13, 2007, by Woelfel Research, Inc. Further information may be obtained from the report’s author, Jennifer H. Sauer of AARP Knowledge Management at 202-434-6207. (18 pages)